§ 43-2-421 — Stock in Trade

(a) When any person engaged in mercantile business dies, leaving a stock of goods, wares, and merchandise, and leaving no surviving partner in such business, the executor or administrator of his or her estate may sell such stock or goods, wares, or merchandise, either at public or private sale, by wholesale or retail, upon first obtaining an order for such sale, as provided in subsection (b) of this section, from the probate court having jurisdiction of the estate.
(b) To obtain such order, the executor or administrator must file in such court an application in writing, verified by his or her oath, setting forth with reasonable certainty the kind, quantity and estimated value of such goods, wares, or merchandise, and any facts or circumstances that may render it necessary or expedient to sell the same; and if it should appear to the court that it would benefit those interested in the estate that such order should be made, the court must make the same, and may, in its discretion, prescribe such terms and conditions of sale as may seem to the court most advantageous to those interested in the estate. Such sale must be made within one year from the making of such order.

Legislative History

(Code 1867, §§2074, 2075; Code 1876, §§2442, 2443; Code 1886, §§2099, 2100; Code 1896, §§151, 152; Code 1907, §§2615, 2616; Code 1923, §§5843, 5844; Code 1940, T. 61, §§239, 240.)